SEBI Launches 'SEBI Check' to Secure Investor Payments and Combat Cyber Frauds
The Securities and Exchange Board of India introduces 'SEBI Check', a tool aimed at validating UPI handles and bank accounts to ensure secure investor transactions. This initiative seeks to protect investors and thwart cyber frauds, offering a verified payment path and enhancing financial security in the securities market.
- Country:
- India
The Securities and Exchange Board of India (SEBI) has unveiled a new tool called 'SEBI Check' designed to validate UPI handles and registered bank accounts, enhancing payment security for investors. This initiative is expected to bolster investor protection by combating deepfakes and cyber fraud.
The tool allows investors to verify UPI handles through QR code scans or manual entry and confirm bank details such as account numbers and IFSC codes. By making the use of a structured UPI address mandatory for intermediaries, featuring unique identifiers, SEBI aims to streamline secure transactions.
SEBI Chairman Tuhin Kanta Pandey emphasized the pressing need for this mechanism, which is set to roll out by October 1, 2025. It addresses the growing threat posed by unauthorized entities and reinforces investor confidence by ensuring they only transact with verified SEBI-registered intermediaries.
(With inputs from agencies.)
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